Trifork Group (TRIFOR) Investor update summary

Business model and strategy

• Focus on profitable organic growth paired with strategic acquisitions, with revenue split between products (33%) and services (67%).

• Trifork Labs drives innovation through investments in startups, providing early-stage support and leveraging a strong network for idea flow and validation.

• Labs companies help Trifork stay ahead by testing and mastering new technologies, enabling packaged software and solutions for customers.

• Capital allocation prioritizes core business growth, with exit proceeds from Labs reinvested into the core and selective, synergy-driven Labs investments.

• AI-supported engineering and product-led growth are expected to reduce capital needs and dilution for Labs investments over time.

Portfolio performance and value creation

• Labs portfolio book value reached EUR 84m as of September 2025, with a solid funding runway and strong co-investor backing.

• Average invested capital per Labs company is EUR 1.1m, with an average ownership of 27%.

• Labs has a strong track record of exits, including Humio (sold to CrowdStrike for $400m), Chainalysis, and Tradeshift, generating significant returns.

• Net realized gains since 2016 total EUR 62m, with EUR 22m since the 2021 IPO, and a significant increase in Q4 2025.

• Top 10 Labs companies achieved 100% revenue growth and 18.1% EBITDA margin in 2024, with 50% employee growth.

Valuation and risk management

• Conservative approach to marking values up, with adjustments based on external financing rounds and risk-based impairments for underperforming companies.

• Profitable companies for at least two years are valued using a conservative, auditor-verified DCF model.

• Example: XCI's 30% sale to ATP in December 2024 was at a 55% premium to prior DCF valuation.